Money

By Andrew Tobias

Into the meeting walks my 43-year-old friend with two Harvard degrees, partner in a well-known investment bank that, like all investment banks, is cutting back. He runs a small department that should bear much fruit in the 1990s. It specializes in financing companies related to "the environment." It's exactly the kind of investment a company shouldn't trim unless it absolutely has to.

"Well," explained my friend's boss, an even more senior partner, "we absolutely have to." He went around the barn a few times: "Conditions on Wall Street . . . Got to trim overhead . . . No reflection on you . . ."

"O.K.!" said my friend, wanting to grab the other shoe before it dropped. "How many of my people do I have to let go?" He could see this was going to be a very lousy day. "You don't understand," said the more senior partner. "We're letting you go." Oops.

The recession has arrived -- certainly for him -- and if it should come for you or someone you know, I have a suggestion: Now, while you're still working, find a cause and volunteer. Nothing is lost if you're not laid off (as you probably won't be). You'll have contributed a few hours a week to your community. It's something you've probably been meaning to do anyway. But if your number should come up, it would provide an emotional bridge to the next job. You'd already be part of an organization doing valuable work; it's likely you'd be able to expand those efforts from one night a week to several. For the few months it would take you to land another spot, you'd have plenty to feel busy and productive about -- because you'd be busy and productive -- and you'd have something to say you were doing when people asked.

The reason to volunteer now, while you're too busy, is that you're more likely actually to go ahead and do it. You're in a good frame of mind and your sense of self-worth is, justifiably, high. It's amazing how a little gloom can paralyze you. Meet new people? Work for free when you've just been laid off? You may not feel like it. First things first, after all. Yet, far from interfering with your job search, a volunteer job is apt to buoy your spirits -- possibly even teach you new skills or establish new contacts -- and thus enhance your prospects.

"Texas seems to run counter to the rest of the country," a Houstonian told me last month. "Things are turning up. But do you know what made it really depressing around here until recently? It wasn't all the bankruptcies; it was that people weren't busy. Things are getting busy again. People feel a lot better."

Where to volunteer? There's work in hospitals and libraries and schools; delivering meals to the homebound, assisting the handicapped or cheering the elderly. Want to join Jimmy Carter in building housing for the homeless? Call 800-HABITAT. There's no single national clearinghouse to match volunteers with jobs, but the National Volunteer Center (703-276-0542) can steer you to whichever of its 380 local affiliates is nearest. One area that might be of particular interest to a TIME reader: teaching kids or adults to read. If so, call the Literacy Hotline (800-228-8813) for the number of a local organization that needs your help.

If we're lucky, the recession won't last long. If we're not, an upsurge in volunteerism could help to mitigate its effects.

Finally, if you happen to be CEO of a company involved in toxic-waste | disposal, you might want to call a brand-new consulting outfit, Environmental Financial Consulting Group in New York, run by this Harvard friend of mine.